Nigeria Economy Tracker
Nigeria's economic reality in numbers — exchange rates, inflation, GDP, and unemployment. Data from CBN and World Bank.
Exchange Rates — CBN Official
USD/NGN — Last 60 Days
Macro Indicators — World Bank
What Nigeria Economy Tracker Covers
Nigeria's economic reality in numbers — naira exchange rates, fuel prices by state, inflation figures, unemployment data, and what it all means for everyday Nigerians. Data from CBN, NBS, and World Bank.
Nigeria Naira Exchange Rate Tracker
Daily official CBN rate vs parallel market (street) rate. Historical chart from 2000. Trend: is the naira strengthening or weakening this week? CBN data updated daily.
Sources: CBN official rate, parallel market monitoring (AbokiFX), Reuters Nigeria
Nigeria Fuel Price Tracker
Petrol (PMS), diesel (AGO), and kerosene prices by state. Updated weekly. Cheapest vs most expensive state. Historical trend since subsidy removal (June 2023) through present.
Sources: NNPCL announcements, PPPRA, state monitoring
Nigeria Inflation Tracker
Monthly headline inflation, food inflation, and core inflation. Interactive 5-year chart. What ₦10,000 bought in 2020 vs today. NBS data released monthly, shown here within hours of publication.
Source: National Bureau of Statistics (NBS) monthly CPI report
Nigeria Food Price Index
Prices of 12 staple foods — garri, rice, beans, tomatoes, onions, yam, palm oil, flour, bread, eggs, chicken, and fish — averaged across major markets (Lagos, Kano, Abuja, Port Harcourt).
Sources: WFP / HDX, NBS food price monitoring, state market surveys
Nigeria Unemployment & Labour Tracker
Quarterly unemployment and underemployment rates — broken down by state, age group (youth focus), and sector. NBS Labour Force Survey data. Labour force participation rate by gender.
Sources: NBS Labour Force Survey, World Bank / ILO estimates
Nigeria Cost of Living Index
Monthly "survival basket" cost for a family of 4 in Lagos, Abuja, Kano, Port Harcourt, and Ibadan — rent + food + transport + utilities. Compared year-over-year to show how purchasing power has changed.
Derived from: WFP food prices + NBS CPI data + market monitoring
Nigeria Economy Reports — Auto-Generated Monthly
1-page web summary with key numbers, trend arrows, and AI interpretation. Available to all — no registration required.
10-page detailed PDF with charts, tables, and analyst commentary. Free with email registration via GN Insider newsletter.
Complete economic data in spreadsheet format — all indicators, all dates, all sources. Premium tier members only. Open Data Bank →
Nigeria Economic Data Sources
- CBN — Central Bank of Nigeria (official exchange rates, monetary policy, banking sector data)
- NBS — National Bureau of Statistics (CPI, GDP, unemployment, labour force survey)
- World Bank Open Data — GDP growth, poverty rates, trade, employment (annual)
- WFP / HDX — UN World Food Programme food commodity prices by state market
- AbokiFX — Parallel market (black market) naira exchange rates
- NNPCL — Nigerian National Petroleum Company (fuel pricing, production)
Nigeria Economy — Frequently Asked Questions
The CBN official USD/NGN rate and parallel market rate are shown live at the top of this page, updated from the Central Bank of Nigeria daily data feed. The official rate has fluctuated significantly since the unification of exchange rate windows in June 2023.
Nigeria's inflation rate is shown live above, sourced from the National Bureau of Statistics monthly CPI report. Nigeria has experienced persistent double-digit inflation since 2020, driven by naira depreciation, fuel subsidy removal, and food price increases.
President Tinubu's May 2023 fuel subsidy removal caused petrol prices to rise by over 400%, driving transport costs, food prices, and general inflation sharply upward. The Fuel Price Tracker shows the historical price trend from pre-removal levels to present day by state.
Nigeria is Africa's largest economy by nominal GDP (World Bank). GDP figures are shown above from the World Bank annual dataset. Nigeria's economy has faced pressure from naira devaluation, low oil revenues, and high inflation since 2023.
Nigeria's official unemployment rate (NBS/ILO methodology) is shown above. Nigeria uses the ILO narrow definition which produces a lower figure than the older NBS broad definition. Youth unemployment and underemployment are considerably higher than the headline figure.
Members can download complete historical datasets (CBN forex, World Bank indicators, WFP food prices) as CSV files from the GN Data Bank. The Data Bank holds 50,000+ records from CBN, World Bank, and WFP dating back to 2000.
Understanding Nigeria's Economic Indicators
Why is the naira falling?
The naira has depreciated significantly since June 2023 when the CBN unified its multiple exchange rate windows and removed the fuel subsidy in the same week. Factors include: chronic dollar shortages, oil production below OPEC quota, capital flight, and limited foreign reserves relative to import demand.
What drives food inflation in Nigeria?
Nigeria's food inflation is driven by a combination of naira devaluation (making imported inputs more expensive), diesel prices (cold chain and transport costs), insecurity in food-producing states (Benue, Plateau, Kogi), and weather shocks. WFP food price data by state market shows which commodities and regions are hardest hit.
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